A new social app – Friend.tech, is showing a degradation with the decreased values of buyers, sellers, and transactions made. This is a very new app and within 2-3 weeks of its launch, its analytics are showing its poor and degrading condition. However, some community members have already made their bearish predictions.
Due to the features of buying and selling keys that facilitate the buyer to send private messages to the seller, the platform takes a 5% cut. It has attracted many influencers like host Cobie and YouTuber Faze Bans and also the Russian protest group Pussy Riot.
Details and Recent Analytics of Friend.tech Social Crypto Platform
Friend.tech is a blockchain-based platform that permits users to buy and sell digital tokens linked to their favorite influencers on X (formerly Twitter). This Web3 social media app is a decentralized social network where friends or rather their networks become shares or keys. It means the users can trade the popularity, likeliness, and network strength of creators and influencers.
After the launch on August 10, 2023, this crypto-based social application gained huge traction. It exceeded $1 Million in fees in 24 hours on August 19 outshining UniSwap and Bitcoin. The daily fee reached its highest point of $1.7 Million on August 21, 2023. Similarly, the transactions reached its highest point of 525,000 on the same date.
As per Dune data, Friend.tech’s daily fee and transactions showed a steep fall on August 27th. There is a decrease of 87% in daily fees which shows $215,000. The transaction also dropped to 90% at just 51,000.
The data also highlighted that buyers and sellers also declined. There were 58,000 buyers and 27,800 sellers on August 21. On August 27, there were 10,000 buyers and 7,800 sellers. The inflows have also dived. On August 21, it showed a high of $16.8 Million while it showed a 90.5% decrease on August 27 with $1.6 Million.
Views About Friend.tech from Crypto Marketers, Commentators, and Manager
Crypto commentator, Yazan told the factors that led him to believe Friend.tech had between six to eight weeks before it would dive into user key prices and activity. He said “the user key price increase was unstable. How anyone would pay more than 1 Ether to be able to see the private chats?”
The social media X (formerly Twitter) is flooded with posts of condolences for the network. Lisandro Rodriguez, the Coinbase payment risk manager tweeted that the platform is dead because of its greed and poor execution.
The unknown Web3 marketer Legendary said that he believes Friend.tech will collapse as BitClout did. BitClout was also an open-source, decentralized social network. Although Friend.tech aimed to become a better version of BitClout but has been unsuccessful in achieving the feat. Time will tell the future of Friend.tech now.
Summary
The decline in the progressive data of new crypto social app Friend.tech has made critics comment on its collapse within 2-3 weeks of its launch. It has gained the attention of many but frequent degrading values have warned the community of its early fall.
Nancy J. Allen is a crypto enthusiast and believes that cryptocurrencies inspire people to be their own banks and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning.
Source: https://www.thecoinrepublic.com/2023/08/28/critics-claim-friend-tech-dead-after-declining-activity/